The public is invited to tune into 90.9FM for “Our Territories Talk” live from Bermuda on Sunday, June 16, 2019 from 7PM-9PM: follow online live www.cbnvirginislands.com: please call 1-284-499 7815 and be part of the “live” conversation

Sir Branson initiates loan for VI entrepreneurs 'falling through the cracks'

- Loan to go into a revolving fund; Established entrepreneurs invited to support loan initiative
Sir Richard Branson has initiated a loan scheme for VI entrepreneurs who may have difficulties securing bank loan. The loan initiative, which will take the form of a revolving fund, has received the backing of Google Co-founder Lawrence 'Larry' and his wife Lucy Page. Photo: Reuben J.A. Stoby/VINO
Mr Branson said his loan initiative has received the backing of Mr Larry and Lucy Page. Mr Lawrence ‘Larry’ Page is notably the co-founder and Chief Executive Officer of Google. “He has a home in Eustatia Island and he and Lucy are now a part of the British Virgin Islands community and they also want to make a difference…,” Mr Branson said. Photo: Wikipedia
Mr Branson said his loan initiative has received the backing of Mr Larry and Lucy Page. Mr Lawrence ‘Larry’ Page is notably the co-founder and Chief Executive Officer of Google. “He has a home in Eustatia Island and he and Lucy are now a part of the British Virgin Islands community and they also want to make a difference…,” Mr Branson said. Photo: Wikipedia
ROAD TOWN, Tortola, VI- Anyone with that unique business idea but has failed to get the support of the banks to get started as an entrepreneur may want to consider the special loan initiative being spearheaded by Sir Richard Branson.

Speaking exclusively to Virgin Islands News Online from Necker Island, Mr Branson said the idea came about following a conversation he had some three months ago with Premier Dr the Honourable D. Orlando Smith, who had told him there were a number of young people who weren’t getting bank loans because they didn’t have the security.

“So the idea is basically to try to help people who sort of got great ideas but are falling through the cracks.”

Mr Branson said an initial $200, 000 has been put into the loan to get things rolling and more money may be added to the loan, however, he is also trying to get other business persons in the Virgin Islands to contribute to the loan, which will be a revolving fund.

“Every penny that comes back in from the loans will be lent again so obviously we wouldn’t make any money from it, we would just be reinvesting the money into new loans.”

First beneficiaries of the loan, however, would be asked to mentor the up and coming businesspersons. “And we are also looking for mentors, people who maybe run businesses already or people who have retired in the BVI, to help the young entrepreneurs with their businesses.”

Ask if there would be an interest attached to the loans, Mr Branson said there would be but that it would be put back into the loans to be lent out to other entrepreneurs. “All the money will be permanently recycled into further loans for people in the BVI…the initially money is practically a gift to the British Virgin Islands as a whole…”

He noted that the payback period for loans may vary depending on the business project.

Ask what sort of busineses may have an advantage of securing loans, Mr Branson said “We want to fund businesses that don’t necessarily duplicate other businesses. We will give priority to people who come up with ideas that bring something new to the British Virgin Islands…and if they can be environmentally friendly that too would be a very big plus as well.”

It was also noted that the loan fund is not only for VIslanders but also Belongers and other persons living in the Virgin Isands.

 “Anybody who is living in the British Virgin Islands, we are not bracketing it or wanting to limit it, so anybody who has got a good project in the British Virgin Islands, who is going to create jobs and make a difference, can apply.”

Mr Branson said his loan initiative has received the backing of Mr Larry and Lucy Page. Mr Lawrence ‘Larry’ Page is notably the co-founder and Chief Executive Officer of Google. “He has a home in Eustatia Island and he and Lucy are now a part of the British Virgin Islands community and they also want to make a difference…,” Mr Branson said.

One of the first person to benefit from the new loan initiative is Mr Allington Creque aka DJ Gumption. The loan enabled Mr Creque to purchase a glass bottomed boat.

Other persons wishing to benefit from the new loan initiative are invited to submit their business idea via email to bvientrepreneurs@virgin.co.uk.

Mr Branson, through his company Virgin Group, has established Centres of Entrepreneurship in Johannesburg and Jamaica, where practical business skills, mentorship and support to develop aspiring entrepreneurs are offered. He noted, however, that it is actually the first time that loans are being given out, which makes this initiative in the Virgin Islands very unique.

46 Responses to “Sir Branson initiates loan for VI entrepreneurs 'falling through the cracks'”

  • ... (22/03/2013, 16:11) Like (2) Dislike (8) Reply

    can’t have you cake and eat it...what behind of this?

    • vex (22/03/2013, 18:05) Like (1) Dislike (6) Reply
      Cheap attempts that lack veracity
      • $$$$$$ (23/03/2013, 11:27) Like (0) Dislike (1) Reply
        Times are hard in the BVI $30,000 is no money
        • cat walk (23/03/2013, 18:07) Like (2) Dislike (0) Reply
          Get your education system working right and send more people to college and then you might stand a chance in your own country to get a high paying job.
  • egg face (22/03/2013, 16:12) Like (9) Dislike (0) Reply
    Great news
    • rich man poor man (23/03/2013, 07:48) Like (0) Dislike (7) Reply
      The same thing happened when Christopher Columbus "discovered" America. He gave the indians mirrors and trinckets and they gave him gold and jewels in return
  • talk girl talk (22/03/2013, 16:15) Like (1) Dislike (1) Reply
    Oh yeah is tis for free!

  • Shara Parlin (22/03/2013, 16:26) Like (8) Dislike (0) Reply
    This is excellent news..... When a government cannot afford all major projects alone, there is nothing wrong with public/private partnerships as long as the public get good value for money. I know Branson will ensure of that!!!
  • ('') (22/03/2013, 16:32) Like (6) Dislike (5) Reply
    I prefer to go to mr black at the bank
    • farmer brown (22/03/2013, 17:19) Like (1) Dislike (0) Reply
      At least you will get an advance even if the loan is not finalized
  • GRANNY (22/03/2013, 16:33) Like (7) Dislike (12) Reply
    Becareful of the stranger giving candies to children
  • ccc (22/03/2013, 16:40) Like (2) Dislike (3) Reply
    How strange, why are we getting more now?

  • ddd (22/03/2013, 17:22) Like (9) Dislike (0) Reply

    Perhaps because "Mr Branson said the idea came about following a conversation he had some three months ago with Premier Dr the Honourable D. Orlando Smith, who had told him there were a number of young people who weren’t getting bank loans because they didn’t have the security"

  • Allington"Dj Gumption" Creque (22/03/2013, 17:37) Like (12) Dislike (1) Reply
    wow? dose everything have to be bad? or have something funny behind of it? why wount you ask me as a person what's this about and how it all happen.Peole just like to jump on things with out understanding.
    Because of this i have a business that's make's me an CEO, been doing this sincer october 2012, Richard Branson dd not had to come out publicly and mention this, I't was myself that help get this stared some people whos' like me with no money & no help from the bank's,family members, or government can have dreams made. Mine did and no matter what you all say, i VOTE for the one that puts food on the table & the reason my bills are paid.

    Thanks you SIR Richard Branson & i wount let us down.Progress is the key to life, dream's acn come to life, i have been living mine since 10/19/2012 till this day......https://www.facebook.com/profile.php?id=100002866334661&fref=ts#!/pages/Sea-It-Clear-GlassBottom-Boat/280545405318060?fref=ts
    • RealTalk2 (22/03/2013, 21:20) Like (13) Dislike (1) Reply
      Sir, I don't know you personally, but I checked out your page and it looks great. You have a lot of enthusiasm and drive as a young man and I commend you for that. However as a word of advice, I'd like you to get someone who can do some editing (grammar, punctuation) for you on your posts, especially as they are being seen all over the world. Just some constructive criticism because as the CEO of your own business you have to score points all around and Marketing is a major area that can make or break you. May God continue to bless and prosper your borders.
      • Allingtoon"Gumption"Creque (22/03/2013, 23:51) Like (5) Dislike (0) Reply
        @realtalk2 thanks, getting someone to work on it.dose type to fast 7 neve really taken time to re-read my post. much love.
        • Tim (24/03/2013, 17:07) Like (0) Dislike (1) Reply
          Allingtoon, you are not making sense. Please let someone else blog for you especially sin you say you are a CEO. Seems unbelievable.
      • Dubious (23/03/2013, 00:27) Like (2) Dislike (0) Reply
        Good advice. I was about to mention all that you've said, but you beat me to the punch.
      • @ (23/03/2013, 00:29) Like (3) Dislike (9) Reply
        Gumption don't study RealTalk, you are doing great, you have all that it takes to be successful. Real Talk is like his name, he knows Real Talk but not Real Life. You Gumption are real, authentic and charming. No one is expecting or wanting a slick marketing campaign here in the BVI. Folks just want a friendly, genuine guy like you to give them a ride in a nice boat and tell them about the BVI.

        Everything gotta be marketing with these people. Next RealTalk will want Disney to come turn Gumption into one of their robots.

        By the way Gumption, say hi to the turtles for me.
        • @@ (23/03/2013, 12:42) Like (5) Dislike (0) Reply
          unfortunately, RealTalk has a point depending on how far Gumption wants to go. I love the authentic charm and big ideas, and hopes it will contribute to the preserving of the environment. But it doesn't hurt to have an editor where it counts. I don't care about personal posts. But as you know, Marketing is part of business. Don't get slick, just a bit more careful for those who don't know any better. You want them too.
    • invent (25/03/2013, 15:56) Like (0) Dislike (0) Reply
      YO I BEEN TRYING TO GET TO THIS MAN FOR A YEAR NOW, I AM NOT ON THE BUSINESS SIDE OF THINGS RIGHT NOW BUT RATHER HAVE SEVERAL INVENTIONS WHICH I THINK HE WOULD BE ITERESTED IN CAN U FIND OUT FROM THE MAN HIM SELF IF HE CATER TO THAT OR CARE TO SEE WHAT INVENTION WE HAVE JUST TO LOOK AT IT
  • ausar (22/03/2013, 17:53) Like (7) Dislike (0) Reply
    Good job, Mr.

    Branson. A lot of Virgin Islanders(British) here have at least 200 grand and not one have ever even thought of setting up a micro -loan industry for the young people.

    Let's see if this move by the "foreigner" will foster action among the "Belongers"!

  • F Maduro-Powell (22/03/2013, 18:34) Like (23) Dislike (2) Reply
    Every single time someone does something good to benefit the people of these beautiful Virgin Islands, these negative bloggers jump on these news sites trying to make it into something bad. I applaud you Mr. Branson for your continued contributions to the BVI. I hope you do not allow these negative bloggers to discourage you from helping the young people of these islands. Thank you, sir.
  • proof (22/03/2013, 18:59) Like (2) Dislike (0) Reply
    Dear DJ Gumption,

    I am happy for you. Your business idea seems an excellent one. Maybe you can hire my company to ensure the written and spoken aspects of your venture are as good as the service you provide to your customers
    • Allington"Dj Gumption"Creque (23/03/2013, 07:59) Like (2) Dislike (0) Reply
      @proof e-mail us at seaitclear@gmail.com & thank you so much, i need all the positive help i can get to help build a strong business.
  • Sam (22/03/2013, 19:00) Like (3) Dislike (0) Reply
    Way to go Sir Richard. I wish some of our own were like you. This man actually cares which is a lot more than I can say about many of the local business people who made millions by raping us.
  • With gratitude (22/03/2013, 21:08) Like (4) Dislike (0) Reply
    I believe that whilst the initiative has come from Sir Richard, his ultimate intention is getting other investors and people who either have made the BVI their home or who have benefited from being associated with the BVI, to give back in a meaningful way. Such altruism in other countries is commonplace. Take, for example, educational institutions are often funded heavily by foundations established for the purpose. Yes, we should be permitted to scrutinize objectively the development projects of investors in our Territory, though, this does not mean that we should become so cynical and distrustful that we fail to appreciate the benefits of private/community partnerships. We should welcome the benevolence of investors like Sir Richard and Larry and Lucy Page. Their outreach might be the only hand-up that a needy, fledgling entrepreneur can count on.

    A personal thank-you to you, Sir Richard, Larry and Lucy Page, and to the many benefactors to follow suit, for your investment in the people of this Territory. I wish continued success in your business endeavours.
    • dog (23/03/2013, 12:49) Like (4) Dislike (0) Reply
      with my gratitude as well. Too bad other high profile visitors and developers like David Johnson at ONB and north sound doesn't have the same sensitivity to the total territory. His small monetary contribution to a community centre or social org was peanuts and less than what his electric bill is a month. There should be gratitude on his part to the government for giving him his head, but then again the agenda is different for both entities.

      Mr. Branson, you are a great citizen and thank you.
  • . (22/03/2013, 21:42) Like (1) Dislike (0) Reply
    He better dont leh man like elmo and betito them hear he
  • ok (22/03/2013, 21:45) Like (1) Dislike (0) Reply
    So what's the interest rate Sir?
  • UK student (23/03/2013, 07:46) Like (2) Dislike (3) Reply
    From over the seas he came
    A man to garner much fame
    Bought every plot
    Yes, there were a lot
    And now "Sir Richard" is the only name

    • DADDY FRIDAY (23/03/2013, 14:05) Like (1) Dislike (0) Reply
      Thank you so much Loard Branson. I look forward to submitting my business idea for consideration in a the next two weeks.
  • Help (23/03/2013, 09:28) Like (0) Dislike (0) Reply
    this email addres is giving me delivery failure can someone help?
  • Thanks (23/03/2013, 11:15) Like (1) Dislike (0) Reply
    This is nice hope lcoals take advantage of it!!!
  • Real vibes (23/03/2013, 11:34) Like (1) Dislike (0) Reply
    What government need to do if they had there thinking caps on was to ask Branson to help out the local airline companies, by helping them expand there business either inject some millions so e.g vi airline can by bigger planes and start flying to more destination cause I hate the fact that sea borne n cape air killing people with there airfares
  • Lee (24/03/2013, 09:45) Like (1) Dislike (1) Reply
    Honourable Premier what about some of us young people who are trying to get a loan from the banks to build our first home and the banks are refusing to give us a loan and are yet advertising to the public that they should come in to see any of their loan officers and secure a loan for their first home. May be Mr. Branson can consider adding home loans to this new initiative as well
    • Allington "Dj gumption)Creque (24/03/2013, 12:02) Like (0) Dislike (0) Reply
      @lee that's the point......i know what your talking about & why i end up with richard branson.
      You hit it high.
      maaad respect.
  • Tim (24/03/2013, 17:08) Like (0) Dislike (0) Reply
    correction, since
  • invent (25/03/2013, 15:52) Like (0) Dislike (0) Reply
    so where this so call email address is i looking for it and cant find it or i blind,
  • invent (25/03/2013, 15:58) Like (0) Dislike (0) Reply
    DO HE ALSO LOOK ABOUT INVENTIONS, CAUSE I HAVE COUPLE NO JOKE THAT WAS HIGHLY PRAISED BY INVENTECH OR SOME OTHER SITE BUT NEED MONIES TO FURTHER IT
  • Mr. Pemberton. (03/04/2013, 11:58) Like (4) Dislike (0) Reply
    Pessimistic minds will undoubtably try to discredit this amazing opportunity. For those who dream big and work hard, don't submit to the peer pressures of those lazy locals around you. Get up take this "dollar" and put it next to your dreams, be patient and vigilant. The BVI is ready to grow and so are the young adults who are proud of their homes. I'm also hoping to make this best of this chance; fear is not an option. God Bless you Mr Branson, thank you for considering the future of others.
  • John Wilson (27/10/2015, 08:31) Like (0) Dislike (0) Reply
    Dear Sir/Madam,
    Do you need funding?
    Do you need a loan?
    Do you need Business or personal Loan?
    Do you wish to refinance your company?

    We give out loan to any individual and company at 3% interest rate
    yearly. For more information, Contact Email: wilson_loanfirm07@yahoo.co.uk
    Name:
    Age:
    Sex:
    Country:
    Amount:
    Phone number:
    Loan duration:

    Email Us : wilson_loanfirm07@yahoo.co.uk
    Regards
    Mr John Wilson


Create a comment


Create a comment

Disclaimer: Virgin Islands News Online (VINO) welcomes your thoughts, feedback, views, bloggs and opinions. However, by posting a blogg you are agreeing to post comments or bloggs that are relevant to the topic, and that are not defamatory, liable, obscene, racist, abusive, sexist, anti-Semitic, threatening, hateful or an invasion of privacy. Violators may be excluded permanently from making contributions. Please view our declaimer above this article. We thank you in advance for complying with VINO's policy.

Weather


Follow Us On

Disclaimer: All comments posted on Virgin Islands News Online (VINO) are the sole views and opinions of the commentators and or bloggers and do not in anyway represent the views and opinions of the Board of Directors, Management and Staff of Virgin Islands News Online and its parent company.